The notoriously feast -or -famine character of the railway equipment business was illustrated by the annual report of the Baldwin Locomotive Co. for 1924. In 1923, the company's net profit before dividends was $6,516,465, or $25.58 on each of the 200,000 common shares, after paying the 7% dividend on the 200,000 preferred shares. In consequence, after paying $1,400,000 on both its preferred and common stock, profit and loss surplus was brought up to $19,847,242. Last year, however, net before dividends was only $1,320,026, or only...

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